Orbimed Advisors reduced stake in 89bio, Inc. By Investing.com

Orbimed Advisors reduced stake in 89bio, Inc.

Stock Markets Oct 05, 2020 05:30PM ET

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Orbimed Advisors reduced stake in 89bio, Inc.

On the 21st of September, Orbimed Advisors sold 2.1 million 89bio, Inc. (NASDAQ:ETNB) shares for $53 million at an average price of $25.00 per share. Shares of 89bio, Inc. are down -2.64% since the transaction.

Orbimed Advisors's holding in 89bio, Inc. decreased to about 1.9 million shares with the transaction.

Orbimed Advisors first bought 89bio, Inc. stock in the fourth quarter of 2019. Orbimed Advisors also owns Alexion Pharmaceuticals Inc (NASDAQ:ALXN), Biogen Inc (NASDAQ:BIIB), Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) and Neurocrine Biosciences Inc (NASDAQ:NBIX). 89bio, Inc. is its number thirteen position by number of shares and market value among pharmaceuticals stocks.

In contrast, Millennium Management and Point72 Asset Management introduced ETNB shares to their portfolio.

Orbimed Advisors has also recently reduced their share in ESSA Pharma Inc . (NASDAQ:EPIX).

Orbimed Advisors also reduced their share in Alector, Inc. (NASDAQ:ALEC). The total value of the shares sold is estimated at around $105 million.

Additionally, Orbimed Advisors established new holdings in Fusion Pharmaceuticals Inc. (FUSN). Orbimed Advisors also added to their share in Alpine Immune Sciences, Inc. (NASDAQ:ALPN), Adicet Bio, Inc. (ACET) and TELA Bio, Inc. (NASDAQ:TELA). The total value of the shares bought is estimated at around $131 million.

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